After graduation from college you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n):
A) normal good.
B) substitute good.
C) complementary good.
D) inferior good.
Ans: D) inferior good.
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The risk premium is negative when tastes are risk averse.
Answer the following statement true (T) or false (F)
In economics, positive statements are about
A) the way things ought to be. B) the way things are. C) macroeconomics, not microeconomics. D) microeconomics, not macroeconomics.
You're traveling in Japan and are thinking about buying a new kimono. You've decided you'd be willing to pay $175 for a new kimono, but kimonos in Japan are all priced in yen
If the kimono you're looking at costs 14,000 yen, under which of the following exchange rates would you be willing to purchase the kimono? (Assume no taxes or duties are associated with the purchase.) A) 24.5 yen per dollar B) 65 yen per dollar C) 80 yen per dollar D) You would purchase the new kimono at any of the above exchange rates.
The freely floating exchange rate system has been in effect since
A. 1933. B. 1943. C. 1953. D. 1973.